Minutes of the Meeting of the Treasury Borrowing Advisory Committee April 29, 2025

The Committee convened in a closed session at the Department of the Treasury at 9:00 a.m. All members were present. Allison Weed from Citigroup was also present to assist the Committee Chair. Acting Assistant Secretary for Financial Markets Brian Smith, Director of the Office of Debt Management Fred Pietrangeli, and Deputy Director of the Office of Debt Management Tom Katzenbach welcomed the Committee. Other members of Treasury staff present were Chris Cameron, Nicholas Chisholm, Dave Chung, Gabriella Csepe, Matt Garber, Liang Jensen, Shahnewaz Khan, Chris Kubeluis, Kyle Lee, Hunter McMaster, Andrew Rittenhouse, Gavin Ross, Joshua Stachura, Renee Tang, and Tyler Williams. Federal Reserve Bank of New York staff members Oliver Giannotti, Ellen Correia Golay, and Kyle Watson were also present. Director Pietrangeli highlighted changes in receipts and outlays through Q2 FY2025.